安踏体育利润率短期扩张可能受限,但多品牌战略将持续驱动规模扩张

浦银国际证券
21 Mar

展望2025年,尽管安踏的利润率可能继续面临较大的压力,但主力品牌的收入规模有望稳步扩张,其他品牌的流水将维持高速增长,同时Amer Sports的收入贡献将大幅提升,助力公司2025年核心净利润维持较高的增长。长期来看,多品牌战略有望持续驱动公司整体收入规模的扩张。上调目标价至118.8港元,并维持“买入”评级。较为乐观的2025年流水展望:管理层表示1-2月公司整体零售流水表现强于预期,但3月...

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